The Governor, Central Bank of Nigeria, Godwin Emefiele, has said that that bank will extend its five per cent interest rate on its intervention loans introduced to cushion the effect of COVID-19 on the economy by one year.
He disclosed this at a Bankers’ Committee press briefing in Abuja which was also held virtually.
Emefiele said to restore stability to the economy by providing assistance to individual households, SMEs and businesses that had been severely affected by the pandemic, as well as by the lockdown measures, it reduced the interest rate on CBN intervention loans from nine to five per cent.
He said, “Although interest rates on our various intervention facilities were expected to revert to nine per cent effective March 1, 2022, we are announcing that the rates would remain at five per cent for another year in view of the promising trajectory we have established in economic growth and job creation.
“In effect, the concessionary interest rate of five per cent on our intervention facilities would now be extended until March 1, 2023.”
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